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Valera Pharmaceuticals was founded in 1972 and has since established a wealth of expertise in the technology of specialty blends of hydrogel polymers, the science that led to the development of soft contact lenses. Under the leadership of David S. Tierney, M.D., who joined the Company in mid-2000 as President and CEO, Valera has strategically built its pharmaceutical strengths to leverage its historical strengths in polymer biomaterial research. Today, with executive offices, state-of-the-art research laboratories and cGMP manufacturing located in Cranbury, NJ, the Company possesses a strong team of experts in drug development, licensing and marketing, and is focused on specialty pharmaceuticals and drug delivery with its unique hydrogel-based Hydron Implant technology. Consistent with Valera's market niche - urology and endocrinology specialties - the Company's Hydron technology platform has been employed in developing, VANTAS®, a long-duration LHRH implant for the treatment of metastatic prostate cancer. A New Drug Application for this 12-month implant was submitted to the U.S. Food and Drug Administration in December, 2003, and approved for marketing October 12, 2004. In addition to supporting the Company's expanding product development pipeline, the Hydron technology offers broad possibilities to custom-design the delivery of many therapeutics which opens numerous opportunities for collaborative partnerships, out-licensing prospects, and other business development opportunities. While anticipating significant long-term growth arising from its development pipeline, Valera is also pursuing short to mid-term growth opportunities by focusing on selective niche pharmaceuticals to acquire or in-license products with existing sales or nearer term potentials for generating revenues.